XML 25 R9.htm IDEA: XBRL DOCUMENT v3.3.0.814
Earnings Per Share
9 Months Ended
Sep. 30, 2015
Earnings Per Share [Abstract]  
Earnings Per Share

Note 3 – Earnings Per Share

Basic earnings per share is computed by dividing net income by the weighted-average number of common shares outstanding. Diluted earnings per share is computed by dividing net income by the sum of the weighted-average number of common shares outstanding and the weighted-average number of potential common shares outstanding. There were no anti-dilutive shares in the nine months ended September 30, 2015 and 2014. The calculations of basic and diluted earnings per share are as follows:

 Three Months Ended       Nine Months Ended     
 September 30,   September 30,     
(In thousands except share and per share data)  2015     2014    2015   2014 
Basic                    
       Net income 5,880     6,401     $ 16,967   $ 18,247

       Weighted-average common shares

              outstanding

    11,329,002       11,480,981     11,385,680   11,482,850
                     Basic earnings per share   .52     .56     $ 1.49   $ 1.59
Diluted    
     
     
       Net income 5,880     6,401     $ 16,967   $ 18,247

       Weighted-average common shares

               outstanding

    11,329,002       11,480,981     11,385,680   11,482,850

       Effect of dilutive restricted stock

       and stock appreciation rights

  158,177       151,711     161,005   171,890

       Weighted-average common shares

              outstanding assuming dilution

    11,487,179       11,632,692     11,546,685   11,654,740
                     Diluted earnings per share   .51     .55     $ 1.47   $ 1.57